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Sharon earned $460 in simple interest on an investment of $6200. Some of the money earned an interest rate of 5% and the rest earned 8%. Her average rate of interest was 7.4%. How much did she invest at each rate?

 Jun 19, 2019

Best Answer 

 #1
avatar+19789 
0

amount at 5% = x

amaount at 8% = 6200-x

 

x(.05)  +   (6200-x)(.08) = 460

.05x + 496- .08x = 460

-.03x = -36

x = $1200   at 5%

6200-1200 = $ 5000 at 8%

 Jun 19, 2019
 #1
avatar+19789 
0
Best Answer

amount at 5% = x

amaount at 8% = 6200-x

 

x(.05)  +   (6200-x)(.08) = 460

.05x + 496- .08x = 460

-.03x = -36

x = $1200   at 5%

6200-1200 = $ 5000 at 8%

ElectricPavlov Jun 19, 2019
 #2
avatar+208 
0

THX!!!!!!!!!!!!!!!!!!!!!!

 Jun 19, 2019

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